DDM Analysis: 603036.SS

Valuation Snapshot

Stable Growth	$91.99 - $108.40	$101.57
Multi-Stage	$62.53 - $68.68	$65.55
Blended Fair Value	$83.56
Current Price	$21.11
Upside	295.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.42%	0.00%	0.20	0.19	0.12	0.15	0.12	0.06	0.05	0.10	0.05	0.07
YoY Growth	-	-	5.26%	57.85%	-20.01%	25.39%	109.62%	7.41%	-46.00%	90.48%	-22.22%	0.00%
Dividend Yield	-	-	1.36%	1.55%	0.94%	1.67%	1.44%	0.66%	0.37%	0.62%	0.13%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	115.16
(-) Cash Dividends Paid (M)	41.20
(=) Cash Retained (M)	73.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.03	14.39	8.64
Cash Retained (M)	73.95	73.95	73.95
(-) Cash Required (M)	-23.03	-14.39	-8.64
(=) Excess Retained (M)	50.92	59.56	65.32
(/) Shares Outstanding (M)	209.20	209.20	209.20
(=) Excess Retained per Share	0.24	0.28	0.31
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.24	0.28	0.31
(=) Adjusted Dividend	0.44	0.48	0.51
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	4.44%	5.44%	6.44%
Fair Value	$91.99	$101.57	$108.40
Upside / Downside	335.74%	381.16%	413.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	115.16	121.42	128.03	135.00	142.34	150.09	154.59
Payout Ratio	35.78%	46.62%	57.47%	68.31%	79.16%	90.00%	92.50%
Projected Dividends (M)	41.20	56.61	73.57	92.22	112.67	135.08	142.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	4.44%	5.44%	6.44%
Year 1 PV (M)	55.24	55.77	56.30
Year 2 PV (M)	70.05	71.40	72.76
Year 3 PV (M)	85.67	88.16	90.69
Year 4 PV (M)	102.14	106.10	110.19
Year 5 PV (M)	119.48	125.31	131.37
PV of Terminal Value (M)	12,648.18	13,265.40	13,906.49
Equity Value (M)	13,080.75	13,712.14	14,367.78
Shares Outstanding (M)	209.20	209.20	209.20
Fair Value	$62.53	$65.55	$68.68
Upside / Downside	196.20%	210.50%	225.34%

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Jiangsu Rutong Petro-Machinery Co., Ltd (603036.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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